The present invention relates generally to online processing of transactions in a multi-user environment. More particularly, the present invention relates to a transaction processing system for a securities market.
In a securities market, traders buy and sell securities using offers and bids. Although the term "security" usually means a share in a corporation, the term may have a broader meaning which is proper for a full understanding of this invention. The chief characteristic of a security for purposes of this invention is that it may be traded over a common system or exchange.
Sellers advertise "offers" or prices at which they will sell their securities, and buyers transmit "bids" or prices at which they will buy securities. Of course, sellers attempt to sell at the highest price while buyers attempt to buy at the lowest price. The "inside quote," which is the highest offer or the lowest bid, represents the best price for sellers and buyers.
To compete effectively, traders require certain information to determine when they have the most advantageous situation to sell or buy. That information includes what other traders are offering or bidding.
Traditionally, traders exchanged their orders on a stock floor such as the New York or American Stock Exchanges. The National Association of Securities Dealers, Inc. (NASD), however, created an on-line transaction processing system for trading securities. This system allows traders to make quotes and find inside quotes quickly and easily. To use this system, NASD supplies its users with workstations having screen displays, some of which may be customized and some of which are fixed. This system provided capabilities and services that traditional systems did not.
An object of this invention is to advance the current system and provide additional information to traders about securities and the securities market that responds quickly to the fast-paced securities market, flexible.
Another object of this invention is a system to allow traders to make and report trades simply and easily.
Additional objects and advantages of the invention will be set forth in part in the description which follows, and in part will be obvious from the description, or may be learned by practice of the invention. The objects and advantages of the invention will be realized and attained by means of the elements and combinations particularly pointed out in the appended claims.